Bitcoin drops after mysterious tweet From Elon Musk suggests a possible breakup with the leading cryptocurrency.
– Elon Musk June 4, 2021
Despite the best efforts of many to ignore Musk in recent times, the Tesla chief has shown today that the scope of his influence goes beyond that of his critics.
Bitcoin is faltering
The market has been uncertain since Tesla withdrew BTC as a payment method a month ago. Musk noted concerns about charcoal use In bitcoin mining as a reason.
During the ensuing sell-off, Bitcoin found support at $29.8K, which led to a strong rebound at this price level. But since then, it has been trading in a narrow range between $34.6K-$39K.
Source: BTCUSD on TradingView.com
Hopes for a breakout faded in the early hours of GMT, with BTC plummeting 3% after Musk’s heartbreaking tweet. The sell-off continued into the morning, with Bitcoin dropping to $36.7K at the time of writing.
The Tesla boss has been under fire lately for what some see as market manipulation. In his last tweet, musk He wrote #Bitcoin followed by a heartbroken emoji. This was accompanied by a meme referring to the Linkin Park song at the end.
In correct form, the tweet leaves readers guessing the true message behind the communication.
Source: @elonmusk on Twitter.com
Founding Partner of Onchain Capital Ran Nonir He commented that this last tweet did not have the same effect as his Bitcoin U-turn tweet a few weeks ago.
“Everyone else feels that with every Bitcoin tweet,Tweet embed Lose more and more leverage? “
Musk accused of market manipulation
Due to the strange circumstances around the Bitcoin U turn and the events that followed, many have tried to theorize what is happening with Elon Musk.
Talk show host and political commentator Stuart Varney It raised concerns about the level of influence that Musk appears to be holding in the cryptocurrency markets.
Varney puts Musk in the same category as Steve Jobs’ brilliance, but questions his involvement with Dogecoin, which Varney indicated was supposed to be “a joke.” Currency. “
“The man is ranked higher with Steve Jobs!
So what earth is he doing deception with a joke Currency, better known as Dogecoin? “
Varney continues to say he is concerned about what Musk can do with the financial markets. In addition, the cyclical aspect of this point indicates that financial systems are unstable and exploitable. What’s more, we as market participants are easy to manipulate.
“…He is a natural showman and uses his immense talent and wealth to get attention. He loves it. And it works.
It tells me that there is a lot of money at the moment, and we can be easily manipulated.”
Former offensive tackle at Carolina Panthers Russell Okung We launched an ad campaign this week to remind people that we shouldn’t take Musk too seriously when it comes to Bitcoin
The billboard slogan says, “Hold on to space, Elon.”